MetaMask Swap aggregates multiple non-custodial exchanges & traders exchange funds directly through their MetaMask wallet.

MetaMask is a non-custodial wallet and DEX aggregator built on Ethereum and other adjacent blockchains. MetaMask was founded by Aaron Davis and launched in 2015.

MetaMask team & investors own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue).

github

twitter

website

Wallet providers

MetaMask

# MetaMask Outstanding supply Methodology

## 1. Overview

MetaMask outstanding supply measures the total amount of MUSD stablecoin tokens currently in circulation across Ethereum and Linea networks. This metric tracks the net cumulative issuance of MUSD tokens by monitoring mint and burn events through blockchain transfer logs. The calculation identifies new token creation (mints from null address) and token destruction (burns to null/dead addresses) to maintain a running balance of outstanding token supply over time, providing insight into the growth and adoption of MetaMask's MUSD stablecoin.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain transfer events**: Parsed ERC-20 `Transfer` events from Ethereum and Linea networks for the MUSD token contract `0xaca92e438df0b2401ff60da7e4337b687a2435da`
- **Token metadata**: Token decimal precision information for proper amount normalization
- **External price feeds**: End-of-day token price feeds for USD conversion
- **Chain availability data**: Network operational status for filtering active chains

## 3. Step-by-step calculation

### Component A: MUSD mint identification
- **Purpose**: Identifies new MUSD token creation events across supported networks
- **Logic**: Filters ERC-20 transfer events where the `from_address` equals the null address `0x0000000000000000000000000000000000000000`, indicating fresh token minting. Processes events from both Ethereum and Linea networks for the specific MUSD contract address. Excludes removed transactions to ensure data quality. Extracts key transaction details including `block_timestamp`, `transaction_hash`, `log_index`, recipient address, and raw token `value`
- **Key fields**: `block_timestamp` for timing, `to_address` for recipient, `amount` for mint quantity, `token_address` for asset identification

### Component B: MUSD burn identification  
- **Purpose**: Identifies MUSD token destruction events that reduce outstanding supply
- **Logic**: Filters ERC-20 transfer events where the `to_address` equals either the null address `0x0000000000000000000000000000000000000000` or dead address `0x000000000000000000000000000000000000dead`, indicating token burning. Applies the same chain and contract filtering as mints. Excludes removed transactions for data integrity
- **Key fields**: `block_timestamp` for timing, `from_address` for sender, `amount` for burn quantity, `token_address` for asset identification

### Component C: Daily activity aggregation
- **Purpose**: Combines mint and burn activity into net daily supply changes
- **Logic**: Unions mint events (as positive amounts) with burn events (as negative amounts) after truncating timestamps to daily boundaries. Applies decimal correction using token metadata to normalize raw blockchain amounts to proper token units. Groups all activity by day, chain, and token address, summing the net mint/burn amounts to calculate daily supply change
- **Key fields**: `timestamp` truncated to day level, `chain` identifier, `amount` representing net daily change

### Component D: Cumulative supply calculation
- **Purpose**: Tracks running outstanding supply balance over time
- **Logic**: Calculates cumulative sum of daily net changes using a window function partitioned by chain and token address, ordered chronologically by timestamp. This running total represents the outstanding token supply at each point in time. Forward-fills supply values to ensure continuous daily time series with no gaps, maintaining the last known supply value for days without activity
- **Key fields**: `outstanding_supply` as the cumulative running balance

### Final aggregation
- **Combining components**: The methodology processes raw transfer events through sequential transformation steps rather than combining separate components
- **Currency conversion**: Applies USD conversion using end-of-day exchange rates through the `convert_to_usd_and_correct_decimals` macro, maintaining decimal precision
- **Time aggregation**: Daily boundaries established through timestamp truncation, with forward-filling strategy to maintain continuous time series
- **Final calculation**: The outstanding supply represents the cumulative sum of all historical mint events minus all burn events, calculated as a running total that updates daily based on net token issuance activity

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

MetaMask

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown